Aussies lack confidence in financial decisions: ASIC

Around half of all Australians doubt whether they are getting the best deal from their financial arrangements yet the vast majority do not seek professional advice, an ASIC consumer confidence survey has found.

According to the ASIC study, 57 per cent of the population are concerned they may be getting a raw deal on their credit card while 45 per cent lack confidence in their mortgage deal and 48 per cent lack confidence in their superannuation fund.

Nonetheless, most chose not to consult a financial adviser, with 84 per cent of people with credit cards, 54 per cent of people with a mortgage and 67 per cent of people setting up super failing to seek advice.

“This demonstrates that many consumers don’t know where to go for independent information or how to make the best choice and find out what’s important in choosing a credit card, mortgage or superannuation,” a statement from ASIC said.

Across the board, people who sought assistance from an adviser reported higher levels of confidence in their financial arrangements.

Of people who sought independent advice on credit cards, 54 per cent reported feeling certain they were getting the best deal possible, compared to 34 per cent of those who did not seek advice.

Similarly, 67 per cent of people who got expert advice were confident their super arrangements were sorted, compared to just 49 per cent of all Australians.

“It can be inferred that those who got advice, received value and confidence out of it,” the statement said.